Nokia, Siemens to merge phone equipment units

Finnish mobile giant Nokia and Germany's Siemens AG agreed to combine their phone equipment units, the companies said in a joint statement. The venture would bring annual cost savings of 1.5 billion euros ($1.90 billion) by 2010.

Nokia Siemens Networks, which combines Nokia's Networks unit and Siemens' carrier-related operations, had 2005 pro forma revenues of 15.8 billion euros and 60,000 employees. The new entity will be headquartered in Nokia's home country of Finland, but owned on a 50-50 basis by both corporate parents.

A tie-up of rivals Alcatel and Lucent agreed in April spurred talk of more possible mergers and partnerships between infrastructure gear makers, who have come under increasing pressure from Asian rivals like Huawei.

(2006-06-22 13:24:14 SGT) [Biz] Permalink

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